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For Immediate Release: April 29, 2011
Contact: Areaka McFadden (202) 482-3809
Obama Trade Official Promotes Global Competitivenes At World Economic Forum
RIO DE JANIERO – U.S. Commerce Under Secretary for International Trade Francisco Sanchez on a panel discussion at the World Economic Forum yesterday in Brazil underscored the Obama Administration’s commitment to expand economic ties and increase competitiveness throughout the Western Hemisphere.
He told the panel of world business and government leaders that strengthening commercial relations with Latin America is a top priority and that increasing bilateral trade will not only support our goal of doubling U.S. exports by 2015 but will help improve economic prosperity and enhance our ability to compete in the global marketplace.
“Brazil is one of our most important partners in the Western Hemisphere and among the fastest growing economies with a burgeoning middle class,” said Sanchez. “A commitment to open and fair trade allows both countries to expand and grow and at the same time foster economic growth and improve the quality of life for our citizens.”
Hundreds of business and high-level government officials attended the World Economic Forum. The theme of the Forum, held April 27-29, theme is Laying the Foundation for a Latin American Decade The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. The Forum encourages businesses, governments and civil society to commit together to improving the state of the world.
While in Brazil, Sanchez participated in a roundtable discussion with 35 Brazilian business leaders hosted by the Council of Americas. In his remarks, Sanchez highlighted the benefits of remaining an open market and the vast opportunities it creates to further promote national and regional competitiveness and grow jobs in the United States and the region. He also met with government officials and senior executive from Petrobras, Odobrecht, and Setal Oil and Gas to discuss opportunities for joint U.S.-Brazilian cooperation to expand trade and commercial ties between both countries.
The United States and Brazil, the two largest economies and the two largest democracies in the Western Hemisphere, share one of the most important trade and economic relationships in the world. Brazil is our 10th largest trading partner. U.S. goods and services exports to Brazil in 2010 are estimated to be more than $50 billion, which will support more than 250,000 jobs. U.S. goods and services exports to Brazil are growing twice as fast as overall U.S. goods and services exports.
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